Trading will continue as usual at Jessops stores, but vouchers will not be accepted while talks between stakeholders and the administrators are ongoing.

"Over the last few days the directors, funders and key suppliers have been in discussions as regards additional consensual financial support for the business," said Rob Hunt, joint administrator and partner of PwC. "However these discussions have not been successful.

"In light of these irreconcilable differences the directors decided to appoint administrators and we were appointed earlier today.

"Our most pressing task is to review the company's financial position and hold discussions with its principal stakeholders to see if the business can be preserved.

"Trading in the stores is hoped to continue today but is critically dependent on these ongoing discussions. However, in the current economic climate it is inevitable that there will be store closures."

Jessops narrowly escaped administration in 2009 when it secured a debt for equity swap with HSBC, but has been struggling to compete with online retailers for some time, missing sales targets in numerous stores.

The rise of camera phones is also thought to have taken a hefty chunk out of the company's revenue, with losses of £5.2 million reported last year.

Chief executive Trevor Moore parted company with the firm in 2012, jumping ship to another struggling retailer, HMV.